5 tips for a first-time franchisee

5 tips for a first-time franchisee

Finding a franchise can be difficult – you want to work with a business that is right for you, offers the best support and of course, the majority of people want to join a franchise where there is visible opportunity for business expansion.

We’ve put together 5 tips that will help you make the right decision and settle in as a first-time franchisee, on your own it can seem a huge and daunting process, this is precisely why picking the right franchisor is so important. Not only will they support you throughout your time as a franchisee, they should also offer extra support and make you feel at ease when you start out right at the beginning of the process.

1. Are they BFA certified?

It’s imperative to ensure that the franchisor is a member of the BFA (British Franchise Association). If they aren’t accredited then you need to be asking questions as to why, the BFA say they ‘help potential franchisees recognise the good franchises and the not-so-good, as well as to help businesses involved in franchising to secure their own position amongst the good’. Belvoir is fully accredited by the BFA.

2. Take some time

You should never feel rushed or pressured in to buying a franchise. This is a big investment of time and money and if your heart isn’t in it then take a step back and have a think. This is a process that should naturally take a little time, talk to your loved ones and get their opinion – it’s important to know you’re making the right choice. If the franchisor instils you with doubt, you should be questioning whether you should make the jump in to business with them – ultimately this could be a long partnership and if you don’t feel the confidence straight away then you need to decide whether it’s going to work.

3. Have a look around

There’s millions of different franchise opportunities around and there’s going to be a few that will catch your eye. Some of the world’s biggest brands are franchises and they’re well worth taking a look at. Before you go ahead with a franchise, have you taken a look at the other franchise opportunities around? The idea is you’re looking for the one that makes you feel passionate, interested and excited to start the business.

4. Discovery Day

There’s no better way to see and experience a franchisor’s business than a discovery day. Whilst on your discovery day think about a few things, how supportive do their staff seem? What kind of innovative platforms are they able to offer to help you develop your business? Finally how does it feel, do you feel like you are being welcomed in to the business? All of these things will help you to build a picture and work out if it is the business for you.

5. Talk to current franchisees

A great way of finding out more about the business is by talking to existing franchisees, head to a local branch/office and talk to them, most would be willing to discuss your venture with you because ultimately, all franchisees are entrepreneurs.  Ask them to be open and honest with you about the good and bad parts of the franchisor, speak to several and use these thoughts to create an image of the brand, does what they say match what you were told on your discovery day?

Ultimately the decision is yours, if the brand fits and you feel a spark of excitement then it’s most likely the franchise for you. Why not find out if Belvoir gives you that spark - arrange a discovery day, find out more about the business and meet the team. Details of how to get in touch can be found below. 

Belvoir is an award-winning estate and lettings agency with over 200 successful offices around the U.K.  If you would like to talk about being our next success story, please call us on 01476 570000 or email us on franchising@belvoir.co.uk

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